The June report for state revenue is out, which also provides totals for the 2019 fiscal year that ended June 30.
Comparing this June to last June, total tax receipts from all sources were up 4.3%. Personal income tax receipts increased a welcome 6.2%, though corporate income tax receipts dropped 7.1%. Sales tax receipts increased by 5.6%.
For the year as a whole, total tax receipts increased nicely by 8.5%. Personal income tax receipts increased by 8.8%%, and corporate income tax receipts were up 16.1%. Sales tax receipts increased by 7.8%.
All that equates to a total tax revenue gain of $3 billion for this year over last — very good news. As the COGFA report explains, however, that improvement is already reflected in forecasts the state uses for budgeting.
-Mark Glennon
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.